In 2017, a research report commissioned by Voices.com put the global market for audio recording at USD 4.4 billion.
It’s somewhat of a chicken and egg issue – is it the rising demand for video content which spurs the proliferation of content platforms? Or is it the rise of the Netflixes & Hulus of the world, producing new, original content (and their subsequent investment into localizing it) which drives audience numbers ever higher?
The recent merger between BTI Studios & IYUNO Media Group tells us one thing – the media localization space is alive and kicking. There has never been more need for localized audio content.
Let’s take a look at how the industries investing in audio recording have been sharing their slices of the pie.
Global market for recorded audio by industry
Source: Nimdzi Insights & Voices.com
The entertainment industry is still the largest consumer category, accounting for 58 percent of total spending, with advertising and business videos following at 19 percent and 18 percent of work, respectively.
What does this tell us?
While entertainment remains the most high-profile industry spending on voice-over work, there is a whole host of content types requiring professional voice-over. More multilingual content is produced than ever.
This is the land of voice-over plenty. Lean back, kick your feet up and watch.
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